The success of an invoicing application (software) is directly related to the number of useful features it offers as against an application that has endless features that have little use for a serious business owner. The utility of features is either useful or not depending on the user’s business type. Thus the requirement of an IT staffing company will be radically different from that of a retail store or a wholesale merchandiser, or a restaurant.
Our focus is on the IT staffing industry that is reputed to have one of the most complex invoicing essentials. To give you a brief idea of the complexity, a single invoice can invoice can contain details of dozens of consultants from across different states, multiple project locations, 2 or more states, involve different tax rates and even might involve couple of subcontractors making invoicing a sky-high task that not even the most experienced accountant can perform without straining oneself.
While any invoicing service provider (cloud-based and SaaS, standalone application or customized solution) can pack their applications with endless features, only a few like CONSULT Invoicing Automation can provide those that help cut invoicing time and increase productivity.
Here are five features to lookout for before choosing your invoicing automation software provider.
Direct Consultant Timesheet Entry Option
Direct consultant timesheet entry is the most important feature that any software can offer. This feature will allow the consultant (or subcontractor consultant) to enter the invoicing automation ecosystem and submit the timesheet. The advantages are numerous but the most important is your organization will: save time, reduce submission delinquency, ensure 100% accuracy, and avoid the use of papers and submission delays.
Automatic Tax Categorization in Multi-state Operations
IT staffing companies are reputed to operate on a Pan-America basis and tax rates are not the same in each state. This makes tax calculation and categorization a major task (difficult and time-consuming) with a higher risk of making a few errors. The advantage of automatic tax categorization is that you leave the task to software that takes care of calculating taxes accurately.
Software-driven Automated Customer Discount Calculation
Giving your customers a discount is an essential business strategy, but it should bring in some worthwhile advantages to your IT staffing firm. It should: ensure bigger business volumes in the foreseeable future, leverage reputation working for the customer and generally get paid fast without allowing too much credit period.
Automatic Invoice Generation and Dispatch Scheduling
Automatic invoice generation and dispatch scheduling are two critical processes that can have a major effect on your firm’s cash flow and profitability. Any delay can upset your profitability because delay in invoice dispatching can result in extreme delays in getting paid. The advantage of automated generation and dispatch is that you can send invoices using the automatic email dispatch feature and be assured of getting paid at the earliest.
Our focus is on the IT staffing industry that is reputed to have one of the most complex invoicing essentials. To give you a brief idea of the complexity, a single invoice can contain details of dozens of consultants from across different states…
AR, VMS and automated reminder system for time-sheet submission and payment requests are three other features that can provide extra impetus and push to make working in IT staffing offices easier and more interesting. With VMS, you get total protection from accidentally making a second or extra payment to vendors and AR-related features can help you track payments using the built-in dashboard.
CONSULT is the most cost-effective invoice automation tool for Staffing Companies with all the five must-have features (and more) to ensure the smooth operation of your accounts department.